Super-regional shopping malls represent the largest single
concentration of retail shops in the shopping center format.
Super-regional malls, often more than one story in height, may exceed 1
million square feet in leasable area. A few "super-regional" malls are
in excess of 2.1 million square feet; however, most are between 1.1 and
1.5 million square feet of gross leasable area. The term super- regional
indicates that the market area the center serves has a population of
300,000 or more. The term mall indicates that the shops are to be
clustered around a core area usually restricted to pedestrian traffic.
Most of the recent successful super-regional malls have been totally
enclosed, roofed, and air-conditioned. The tenants lease space for their
merchandising area, plus basements and other storage space, employee
rest areas, and offices. Tenants also pay a pro rata share of the
expenses of operating the enclosed, purely public spaces in the mall;
each share is based on a formula of the tenant's percentage of gross
leasable area to the total leasable area.
Super-regional malls are generally "anchored" by at least four major retail departments stores. These huge retailers have advertising budgets, reputations, and size that generate considerable shopping traffic. Anchor tenants often demand and receive rent concessions; they may even build and own their own buildings on space donated by the developer to attract them to the mall. In terms of rent paid, the anchors usually offer only break-even benefit to the developer; however, they are often key to the success of the other retailers, who pay higher rents to make up for the anchors' concessions.
Besides the anchor department stores, a variety of other tenants are attracted to super-regional malls. The 10 most prevalent mall tenants (after department stores), listed in order of their occurrence, are
women's ready-to-wear shops
jewelry shops
fast food carryout restaurants
menswear shops
women's shoe stores
women's specialty clothing shops
family shoe shops
card and gift shops
department stores
special apparel--unisex clothing shops
The
design of the super-regional mall is often critical to the success of
the non-anchor chain stores and local tenants. Such tenants get the
exposure they need from the pedestrian traffic between the anchors. A
four-cornered pattern creates the maximum amount of traffic for local
shops. If a mall includes tenants such as restaurants or movie theaters,
which create their own traffic, a central location on the pedestrian
path is less critical. (Often, restaurants and movie houses will be
segregated, if possible, as they often cause congestion and litter that
are inconvenient to other tenants.)
In addition to higher rents per square foot of leased space, retailers pay more to operate in a super-regional mall than to operate in an open-air or "strip" shopping center. This is primarily because mall tenants must pay a pro rata share of the cost of heating, cooling, and cleaning an enclosed pedestrian space.
Super-regional malls are generally "anchored" by at least four major retail departments stores. These huge retailers have advertising budgets, reputations, and size that generate considerable shopping traffic. Anchor tenants often demand and receive rent concessions; they may even build and own their own buildings on space donated by the developer to attract them to the mall. In terms of rent paid, the anchors usually offer only break-even benefit to the developer; however, they are often key to the success of the other retailers, who pay higher rents to make up for the anchors' concessions.
Besides the anchor department stores, a variety of other tenants are attracted to super-regional malls. The 10 most prevalent mall tenants (after department stores), listed in order of their occurrence, are
In addition to higher rents per square foot of leased space, retailers pay more to operate in a super-regional mall than to operate in an open-air or "strip" shopping center. This is primarily because mall tenants must pay a pro rata share of the cost of heating, cooling, and cleaning an enclosed pedestrian space.
